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What is Accounts Receivable Automation?

Accounts Receivable Automation allows your company to collect payments more easily, reduce processing expenses and even reduce DSO. There are many different types of Accounts Receivable Automation tools and there are two unique processes in Accounts Receivable that require automation:

1)  Clearing Payment Automation 

Automating the clearing of invoices once payments are received may be a difficult process.  By automating clearing invoices you get:   

  • Faster processes 
    • Immediate access to working capital  
    • Secure document trail for SOX and internal audit compliance
    • Staff free to focus on strategic financial reporting
    • 90% lower cost 
  • Some Accounts Receivable systems automate invoice clearning,  but lining up details of payments with your ERP or is very challenging which therefore impacts CA$H application and access to working capital.  Gaining visibility and connectivity between your remittance, your bank and your ERP needs solving.  

    2)  Invoice Automation 

    Automating invoices, is also part of the Accounts Receivable transformation process but is harder to implement.  But, by eliminating paper invoices, you will transform your department into one of the most optimized departments in your organization.      

    • Faster processes & reduced bottlenecks
    • Automated workflows and approvals
    • Reduced footprint for the department 
    • Internal audit compliance
    • Staff free to focus on strategic financial reporting

    Invoice Automation allows you to automated the creation and transmission of invoices to your customers.  Transforming invoice automation takes a big budget.  Upfront Capital expenditure is usually required.  In addition, managing the implementation to transform this part of Accounts Receivable Automation may take months or more to complete.  

    We strongly recommend beginning your Accounts Receivable Automation process by automating your payments.  It's easy to manage and makes a tremendous impact on your CASH MANAGEMENT.